2nd Quarter 2013

Trade Report continued

The one exception was Southeast Asia, in particular Singapore. Thanks to large increases in aircraft and medical sales, state exports to Singapore were up by nearly $100 million, a 58% gain (to $249 million). This was by far the best performing of any of the state's significant markets. The other Southeast Asian markets, though much smaller, also did well. A big boost in cell phone shipments led to a sizable gain in the Philippines, while Thailand, Malaysia, and Indonesia increased their imports of Tennessee goods.

With this one regional exception, state exporters found themselves in the unusual situation of having nowhere to turn. Pretty much across the globe, exports were not growing. Most seriously, the value of the state's shipments to Canada, by far the state's largest market, continued to drop. Though the state is continuing to eke out small quarterly export gains, Tennessee exporters badly need more global growth. Without it exporting, and the economic growth that goes with it, seems to have plateaued.